Iraqi private banks Warka Bank for Investment and funding crisis

Iraqi private banks Warka Bank for Investment and funding crisis

Abdulkarim high

Saturday , July 23, 2016 at 00:00

Writing for banks should be subject to documentation and facts fixed irrefutable can not be challenged in any way the fact that the bank 's reputation and put him credit in front of shareholders and depositors , and correspondent banks inside and outside Iraq.

Motivated me to write about this vital subject I read an article one of the brothers in the writings of the site was thicker in the excavation of this bank the victim and the corrosive charges Jazzaf without careful consideration and scrutiny in the availability of the evidence or not , but that the whole story altogether was loaded with "accusations that Atertqa to the level of reading it .

to talk about this subject must to show and explain the reason for the crisis of liquidity in the bank , where he was the Warka Bank of the largest and oldest Private banks in Iraq branches (130) branches as "scattered all over Iraq and was possessed of activities and transactions unless owned by any other bank, in addition to being the Iraqi bank 's pioneering Enter mechanization adopted at the highest international banks , causing a revolution marked the evolution of the Iraqi banking practices ; where first introduced in Iraq ATMs (ATM) can even employee and retiree receiving their salaries easily and had a wide range of correspondent banks adopted in all parts of the globe, but that happened is a sudden and dangerous decision to withdraw government deposits from the bank suddenly and without any justification , where he was The Council of Ministers issued a resolution No. 188 for the year 2009 of the need to deal with private banks, and thus became the government deposits with the bank for the public sector more than (800 billion Iraqi dinars), equivalent to (800 million US dollars). But it was surprised by the bank and unlike the cabinet described the decision above is contrary decision of the Ministry of Finance Search official and semi departments and official to withdraw their deposits immediately Udon Thani from private banks, contrary to the norms World Banking , which requires that there be a balance between the withdrawal and deposit in a dysfunctional scarcity in circulation cash in banks and financial institutions may obey the Warka Bank for the command and returned to the public sector within a very short period of "all sums deposits, amounting to more than (800 billion Iraqi dinars) that disrupted the work of the bank for a brief period and the bank was able to exceed this by a few days to pump liquidity from other dealings financial position known to the family structure in Iraq , the main shareholder of the Warka Bank.

but he was surprised and a few days after the decision of the Ministry of Finance and the issuance of an arbitrary decision and whimsical and thoughtful of the board of Directors of the Central Bank shut down (56) branch and the immediate and sudden pretext not to open these branches action is completed despite that these branches had been working for years and know through which it has the character of the central bank in the trading and clearing some of these branches it has been opened in the presence of a representative of the Governor of the Central Bank. The closure of these branches and suddenly led to huge panic among the public Almtaamiln with the bank , which led to Thavthm to withdraw their deposits and are unregulated and the reluctance of others to deal with him led to reimburse the bank during the few days of the clients of the equivalent of the deposit more than a trillion Iraqi dinars , about billion US dollars and after that the CBI realized the enormity of the decision, gravity and lack of health gave the order to reopen these branches, but after the destruction of Basra , as the Arab proverb says well - known.

The total of what has withdrawn from the liquidity and during the close of the government deposits and customer deposits billion, eight hundred million dollars .. yes billion, eight hundred million dollars .. and we have to wonder if can any financial institution in the world going through such crisis deliberate some will collapse was inevitable, but the bank has remained intact , "and practiced

activities credit smoothly and easily to sedate and efficiency of the financial contributors known multiplicity of activities and economic size of assets fixed and giant inside Iraq Almpennek.

damaged their depositors as well as shareholders because of the central bank 's failure to provide liquidity to the bank otherwise law where paragraph (e) of article (4) of the Central Bank law that of his duties to provide liquidity to the banks, in terms of articles (28 and 30) of the same law and to guarantee the fixed assets of the giant Jat gave the bank several requests in this regard to the Central Bank but the ears have not thrown completely Saghie "away" from the conspiracy Tvqirslok many control theory , we believe yes there hands hidden deliberately damage the bank and its clients from depositors and shareholders.

We have persistently Central Bank of Iraq and gone in the willfully damages in the negligence of the recommendations of the Finance Committee in the House of Representatives , and that you are one of its members , but all the committees formed Bhaz regard that the necessity of ambulance Warka Bank liquidity and ensuring its assets to cover the amount of depositors , but he declined without Mbrrpl issued a decision to impose custody bank without Mbrrodon to develop a plan for the guardianship of the rehabilitation of the bank and as necessitated by the banking Act , but it came the series of deliberate damage request of the Central Bank of Iraq from the Warka Bank request for bankruptcy, but that the bank resorted to the courts to overturn the decision to impose custody as well as respond to request for bankruptcy because it will hurt all depositors the shareholders wasting and wasting all their savings deliberately.

He issued the judiciary through sealed Financial services a decision to lift the guardianship request has been received bankruptcy has acquired these resolutions degree bits discrimination and correction.

Upon sure depositors as well as shareholders and employees in the bank 's loss of deliberate their deposits by the central bank has held three proceedings before the Court of Financial services demanding to compel the central bank to rehabilitate the bank a manner that preserves the rights of the waste and loss, as well as set up a managing director of the bank 's lawsuit so in this regard, has a court Financial services dated 14.10.2013 its decision to compel the central bank to rehabilitate the bank according to his goals it has gained decision - degree bits, but without taking any practical step in this direction .. but when you take over a new central bank governor , Mr. Ali Keywords and his well - known intervention and direct supervision on all the central work of the details have to understand the crisis of the bank and the perpetrators which issued a commendable decision to rehabilitate bank and still it is at a stage of preparations for that matter , reminding that any additional day is damage to an additional painful to depositors and shareholders to the length of the period.

We hope that the governor of the Iraqi Central Bank to issue orders to take immediate measures for the implementation of previous orders and noted publicly through a press conference on the Warka Bank crisis and the reasons which were summarized in the above.